Thursday, 30 Oct 2025
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
logo logo
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
  • 🔥
  • Trump
  • VIDEO
  • House
  • White
  • ScienceAlert
  • Trumps
  • Watch
  • man
  • Health
  • Season
Font ResizerAa
American FocusAmerican Focus
Search
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
Follow US
© 2024 americanfocus.online – All Rights Reserved.
American Focus > Blog > Economy > New York Democratic Lawmakers Want Bitcoin Miners to Pay More Tax. Here’s Why
Economy

New York Democratic Lawmakers Want Bitcoin Miners to Pay More Tax. Here’s Why

Last updated: October 4, 2025 3:00 am
Share
New York Democratic Lawmakers Want Bitcoin Miners to Pay More Tax. Here’s Why
SHARE

Lawmakers in New York are proposing a tax on Bitcoin miners, arguing that their substantial electricity consumption is contributing to increased costs for everyday consumers as the basis for a new legislative measure. 

On Wednesday, Democratic Senator Liz Krueger and Assemblymember Anna Kelles unveiled a bill aiming to levy an excise tax on proof-of-work crypto mining operations. 

Senate Bill S8518 seeks to require mining companies to contribute—based on the amount of energy they utilize—to New York’s Energy Affordability Programs, which aim to support low to moderate income families throughout the state.

According to Senator Krueger, “The bill guarantees that the companies causing higher electricity costs for New Yorkers contribute their fair share, while providing immediate assistance to families facing escalating utility expenses.” 

The statement also noted that studies have indicated that the influx of crypto mining operations “increases electricity bills across the state, imposing an estimated additional $79 million on individuals and $165 million on small businesses annually.”

Senate Bill S8518 outlines that miners consuming between 2.25 and 5 million kilowatt-hours would incur a tax of 2 cents per kWh. Operations using between 5 and 10 million kWh would be charged 3 cents, while those consuming between 10 and 20 million kWh would face a rate of 4 cents per kWh. Any consumption exceeding 20 million kWh would be taxed at 5 cents per kWh. 

However, mining operations that utilize renewable energy sources would be exempt from this tax, as the bill aims to promote “innovation and sustainability within the digital asset industry.”

To validate transactions on proof-of-work cryptocurrencies such as Bitcoin and Dogecoin, private companies usually operate data centers comprising high-cost computers that consume significant amounts of electricity. Critics of crypto frequently highlight the environmental damage associated with digital currencies. 

See also  Price Controls on Oranges - Econlib

Despite this, the energy consumption of the artificial intelligence sector and high-performance computing exceeds that of Bitcoin mining. While the new bill does not address AI data centers specifically, a press release acknowledged the growing energy demands of this industry. 

US Debt Ceiling Deal Blocks 30% Bitcoin Mining Tax: Congressman

Decrypt has contacted Senator Krueger’s office for additional comments. 

New York State has a history of stricter regulations in the crypto space, leading several crypto startups to relocate to other regions in the United States.

TAGGED:BitcoinDemocraticHereslawmakersMinersPaytaxYork
Share This Article
Twitter Email Copy Link Print
Previous Article Looking Back 30 Years to When O.J. Simpson Was Acquitted Looking Back 30 Years to When O.J. Simpson Was Acquitted
Next Article NJ teen revealed dark obsession with one of his alleged hit-and-run victims before crash NJ teen revealed dark obsession with one of his alleged hit-and-run victims before crash
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

Coinbase jumps 22% after S&P 500 inclusion

Coinbase, the popular cryptocurrency exchange, experienced a significant surge in its stock price, soaring more…

May 13, 2025

Smoking cessation drug development has stagnated. Here’s why

Quitting smoking is a challenging endeavor for many Americans, as evidenced by the fact that…

September 23, 2024

11 experts on why cardiovascular disease is rising again

One potential solution is expanding access to care. The experts highlighted the need for a…

October 15, 2024

Video: Gunman shoots through CTA bus door, striking 2 passengers

Chilling Moment Caught on Surveillance Footage as 18-Year-Old Opens Fire on CTA Bus Passengers Recently…

July 6, 2025

Positive and Funny Sayings for Students, Parents and Teachers

The first day of school is just around the corner, and it brings with it…

June 10, 2025

You Might Also Like

Fed’s Standing Repo Facility hits record high as policy meeting outcome looms
Economy

Fed’s Standing Repo Facility hits record high as policy meeting outcome looms

October 30, 2025
BofA Raises PT on Embraer (ERJ) to  Following Investor Day
Economy

BofA Raises PT on Embraer (ERJ) to $70 Following Investor Day

October 30, 2025
Trump Administration Finds Money For Troops, Says It’s Too ‘Difficult’ To Pay Food Benefits
World News

Trump Administration Finds Money For Troops, Says It’s Too ‘Difficult’ To Pay Food Benefits

October 30, 2025
What To Expect From Micron Technology’s Report
Economy

What To Expect From Micron Technology’s Report

October 30, 2025
logo logo
Facebook Twitter Youtube

About US


Explore global affairs, political insights, and linguistic origins. Stay informed with our comprehensive coverage of world news, politics, and Lifestyle.

Top Categories
  • Crime
  • Environment
  • Sports
  • Tech and Science
Usefull Links
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA

© 2024 americanfocus.online –  All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?